AGM Statement and Operational Summary

RNS Number : 9204Z

Shefa Yamim (A.T.M.) Ltd

23 May 2019

 

B"H

23 May 2019

Shefa Yamim (A.T.M.) Ltd

("Shefa Yamim", "Shefa Gems" or the "Company")

AGM Statement and Operational Summary

Shefa Yamim (LON: SEFA), a company focused on advanced exploration and development of multi-gemstone projects in Northern Israel, will be holding its Annual General Meeting ("AGM") today at 11.00am (UK time) at the offices of SI Capital Limited at 13 Hanover Square, London, W1S 1HN. At the AGM, Mr. Michael Rosenberg, OBE, the Chairman of the Board will make the following statement:

"It gives me great pleasure to chair my first AGM as the Chairman of Shefa Yamim, a position I was appointed to earlier this month. As highlighted in the Company's 2018 Annual Report, over the last 18 months, the Company has taken significant strides forward since listing on the London Stock Exchange in December 2017. As such, in order to maintain the highest levels of corporate governance, it was important to separate the roles of Chairman and Chief Executive Officer at this exciting stage of the Company's development.

"It is pleasing to report that the progress in 2018 continued into 2019 as we continue to execute our strategy and deliver on our key milestones. Highlights of 2019 to date include:

• Completion of independent Technical Economic Evaluation ("TEE") that places the first mine at Kishon Mid-Reach Zone 1 project at the lower end of the cost curve;
• Received official recognition on a new mineral in nature named Carmeltazite, discovered by Shefa Yamim, and found in its gemstone, the Carmel Sapphire™; 
• Independent valuation of our "Gem Box" suite of precious stones, compiled by Dr Gavrielov Gila, an expert gemmologist with 40 years' experience, which includes valuations of US$10,000 and US$7,000 per carat for Natural Moissanite^TM and Blue Carmel Sapphire^TM respectively;
• Conducted a 10 for one share split of Shefa Yamim (A.T.M.) shares traded on the Standard List of the London Stock Exchange to improve liquidity in the shares; and
• Change of the English name of the Company to Shefa Gems Ltd, which aligns well with our global "Mine to Market" strategy.

"Earlier this month, we were pleased to welcome new institutional and private shareholders on to our share register through the fundraising of £1.0m conducted by SI Capital Limited. The funds will be deployed effectively and we expect to reach the following milestones in 2019/2020:  

• Continue progress with planning and regulatory procedures to advance the Kishon Mid-Reach Zone 1 area in accordance with the Prospecting License with a view to begin mining in 2020 and thus become revenue generating;
• Advance exploration of its target in the Kishon Mid-Reach area starting with further exploration of Zone 2 scheduled to begin in Q2 2019;
• Expand exploration efforts to Zone 3 of the Kishon Mid-Reach area; and
• Build on the launch of the "Heaven on Earth" collection, created by world-renowned jewellery designer Yossi Harari, and develop the Company's "Mine to Market" strategy, which is intended to promote unique jewellery collections utilising Shefa Yamim's suite of precious gems that will be marketed worldwide.

"The Board's focus is to unlock the premium value of these multi-gemstone projects for the long-term benefit of shareholders. In 2019, we also aim to engage with London-based advisors who will help us expand understanding of Shefa Yamim's investment proposition amongst City audiences. In conclusion, from an operational, financial and corporate perspective, Shefa Yamim has never been in a stronger position. The funds raised will enable us to pursue our twin-track strategy to progress the Kishon Mid-Reach Zone 1 project, while developing our "Mine to Market" strategy with the ambition to build a global brand based on the unique location and rarity of our precious gemstones."

- Ends -

Enquiries

Shefa Yamim (A.T. M.) Ltd
Michael Rosenberg, OBE - Chairman   www.shefayamim.com	[phone]
VSA Capital Limited - Financial Adviser
Andrew Raca	[phone]
SI Capital Limited - Broker and Strategic Adviser
Nick Emerson and Jon Levinson	[phone] / [phone]
Luther Pendragon
Harry Chathli, Alexis Gore, Rachel So	[phone]

Notes to Editors

About Shefa Yamim (A.T.M.)

Shefa Yamim (LSE: SEFA) is a multi-commodity explorer of precious stones operating in Northern Israel. Exploration activity is managed by professionally skilled and technically competent personnel and is accompanied by an international team of geological experts with decades of proven experience in their fields.

All exploration activities are conducted under international standards and the internationally recognised SAMREC 2016 Code. Furthermore, its permits, granted to it by the Commissioner of Mines, extend over an area of approximately 600,000 Dunam (60,000 hectares) that includes the Kishon River, the volcanic bodies on Mount Carmel, the Zevulun and Yizre'el valleys and their margins - Menashe Hills, Tivon-Alonim Hills, and Nazareth range. The Company upholds environmental values and protects the nature in the areas where it operates, cooperating fully with all authorities. 

 

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